MANILA, Philippines - Fastfood giant Jollibee Foods Corp. has jacked up its interest in Chow Fun Holdings LLC, which owns six restaurants in New Mexico, USA, to 80.55 percent in a deal valued at $3.24 million.
In a disclosure to the Philippine Stock Exchange, Jollibee said its wholly-owned unit Jollibee Worldwide Pte. Ltd. acquired the 2,400 shares of Aspen Partners LLC in Chow Fun, the developer and owner of Jinja Bar and Bistro which serves Asian cuisine adapted to Western preferences to mainstream American consumers.
The company’s entry in Chow Fun was made in July 2008 with an initial purchase of a 12-percent stake for $950,000.
Chow Fun currently has three restaurants in New Mexico, two in Albuquerque and one in Sta. Fe.
Jollibee’s objective in this venture is to enhance its capability to develop Asian food restaurant concepts for the mainstream consumers in the United States as part of its long-term strategy.
Jollibee operates the country’s largest food service network with a total of 1,921 stores as of end-December 2010, consisting of Jollibee 717, Chowking with 400, Greenwich 223, Red Ribbon 221, Manong Pepe 12, Caffe Ti-Amo 3 an d Mang INasal 345.
On the international front, the company has 395 stores abroad — Yong he King People’s Republic of China 200, Jollibee 67 (mainly in the US with 26, Vietnam with 22 and Brunei 11), Red Ribbon 38 all in the US, Chowking 38 (mostly in the US with 19 and Dubai with 15) and Hongzhuangyaun 52.
Combined, the JFC Group has a total network of 2,316 stores.
Jollibee earlier raised P100 million from the sale of French bakery-themed café chain Delifrance as part of plans to focus on larger food brands.
JFC continues to be on the prowl for acquisitions to further expand its revenue stream. In July, JFC acquired a 55-percent stake in San Pin Wang, a noodle restaurant chain in China, for $4.4 million.
San Pin Wang operates 34 stores in Nanning and Liuzhou in southern China.
To take advantage of the world’s fastest growing market, JFC is building its first commissary in China estimated to cost around $7.4 million. The project is in partnership with Singapore firm Hua Xia Harvest Holdings Pte. Ltd.